Orbis Allan Gray Ltd acquired a new stake in shares of Fortune Brands Innovations, Inc. (NYSE:FBIN - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 763,211 shares of the company's stock, valued at approximately $46,464,000. Orbis Allan Gray Ltd owned 0.63% of Fortune Brands Innovations at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in FBIN. Stifel Financial Corp increased its position in Fortune Brands Innovations by 23.6% during the 4th quarter. Stifel Financial Corp now owns 10,256 shares of the company's stock valued at $701,000 after purchasing an additional 1,960 shares during the period. Price T Rowe Associates Inc. MD increased its position in Fortune Brands Innovations by 19.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 137,917 shares of the company's stock valued at $9,425,000 after purchasing an additional 22,443 shares during the period. Aquatic Capital Management LLC purchased a new position in Fortune Brands Innovations during the 4th quarter valued at $585,000. The Manufacturers Life Insurance Company increased its position in Fortune Brands Innovations by 5.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 109,887 shares of the company's stock valued at $7,509,000 after purchasing an additional 6,063 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Fortune Brands Innovations by 35.5% during the 4th quarter. Northern Trust Corp now owns 1,295,703 shares of the company's stock valued at $88,535,000 after buying an additional 339,314 shares in the last quarter. 87.60% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
FBIN has been the topic of a number of research reports. Royal Bank Of Canada upgraded shares of Fortune Brands Innovations from a "sector perform" rating to an "outperform" rating and boosted their target price for the company from $59.00 to $65.00 in a report on Friday, August 1st. Loop Capital restated a "hold" rating and set a $61.00 target price (up previously from $53.00) on shares of Fortune Brands Innovations in a report on Monday, August 4th. Barclays boosted their target price on shares of Fortune Brands Innovations from $67.00 to $68.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Robert W. Baird dropped their target price on shares of Fortune Brands Innovations from $56.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Finally, Truist Financial reiterated a "hold" rating and issued a $60.00 price target (down previously from $65.00) on shares of Fortune Brands Innovations in a research note on Wednesday, August 27th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $75.45.
Check Out Our Latest Stock Analysis on Fortune Brands Innovations
Insider Activity at Fortune Brands Innovations
In other news, CEO Nicholas I. Fink sold 1,522 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $58.72, for a total transaction of $89,371.84. Following the completion of the sale, the chief executive officer owned 97,139 shares of the company's stock, valued at $5,704,002.08. This represents a 1.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by insiders.
Fortune Brands Innovations Stock Performance
NYSE:FBIN traded down $0.37 during mid-day trading on Wednesday, reaching $57.13. The company's stock had a trading volume of 1,073,890 shares, compared to its average volume of 1,971,827. Fortune Brands Innovations, Inc. has a 12-month low of $47.21 and a 12-month high of $90.54. The firm's fifty day moving average price is $55.83 and its two-hundred day moving average price is $55.96. The company has a current ratio of 1.97, a quick ratio of 0.98 and a debt-to-equity ratio of 1.20. The stock has a market cap of $6.86 billion, a P/E ratio of 17.96, a PEG ratio of 4.02 and a beta of 1.32.
Fortune Brands Innovations (NYSE:FBIN - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $1.00 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.02. Fortune Brands Innovations had a return on equity of 19.85% and a net margin of 8.75%.The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the firm earned $1.16 EPS. Fortune Brands Innovations's revenue was down 3.0% on a year-over-year basis. Fortune Brands Innovations has set its FY 2025 guidance at 3.750-3.950 EPS. On average, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.24 EPS for the current fiscal year.
Fortune Brands Innovations Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 22nd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.00 annualized dividend and a dividend yield of 1.8%. Fortune Brands Innovations's dividend payout ratio is presently 31.45%.
About Fortune Brands Innovations
(
Free Report)
Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.
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